Silver Price Soars as Dollar Weakens and Industrial Demand Improves

The silver price has been showing signs of recovery due to a weaker US dollar and improved industrial demand. The recent strong US manufacturing activity is also supporting the outlook for silver prices.

The $64 level remains a pivotal point in the short term, but a break above $70-$72 could push the price towards $90. If the price breaks above $90, it would confirm that the bottom is in and the market is heading towards a rally of $150-$200.

However, if the price fails to break above $72 and continues to drop below $60, there's a possibility of another decline towards the $40-$50 support zone. But even if the price drops to $40, it would be seen as one last push before the next rally.